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Radio One ends Q4 with $36 million of cash, debt totaling $773 million
By Lisa Kerner
Charlotte, N.C., March 15 - Radio One, Inc. ended the fourth quarter with total debt, net of cash balances, of about $773 million and a leverage ratio of 8.69 times, chief financial officer Peter Thompson said during the company's fourth-quarter earnings call on Thursday.
Thompson said the company's reported cash and cash equivalents by segment at Dec. 31 were as follows: Radio One and internet, about $19.4 million; Reach Media, about $1.7 million; and cable television, about $14.9 million.
The cable television segment also has short-term investments of $761,000 and long-term investments of about $7.4 million.
Radio One repurchased 25,250 shares of class A common stock in the amount of $32,000 and 752,132 shares of class D common stock in the amount of $926,000 during the fourth quarter.
During the year ended Dec. 31, Radio One repurchased 54,566 shares of class A common stock in the amount of $73,000 and 4,245,567 shares of class D common stock in the amount of about $9.4 million.
The company stopped repurchasing stock in November when radio revenues did not come in as expected, according to chief executive officer and president Alfred C. Liggins, III.
Liggins said Radio One expects to remain in compliance with all debt agreements and for political ads to boost radio revenues later this year.
Other financial highlights
Giving effect to the consolidation of TV One, Radio One reported net revenue of about $98.1 million for the fourth quarter, an increase of 37.8% from the same period in 2010.
The company recorded a noncash impairment charge against its goodwill and other intangible assets of $22.3 million, which led to a net operating loss of about $9.0 million.
Radio One's fourth-quarter net loss was $19.1 million, or $0.38 per share, a decrease from the net loss of $27.2 million, or $0.52 per share, for the prior-year period.
Lanham, Md.-based Radio One is an urban-oriented multi-media company.
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